The race to provide dock space and export capabilities along
with Gulf Coast futures comes as U.S. crude exports have surged
to a monthly record above 3 million barrels per day (bpd) after
the United States lifted a ban in late 2015.

A shale boom has helped make the Unites States the biggest
oil producer in the world, ahead of Saudi Arabia and Russia, and
putting it on track to consistently being a net exporter of
crude and refined fuels.

"We believe this new program will offer our customers the
ability to seamlessly enhance their crude oil export
capabilities at Houston area facilities," Robb Barnes,
Magellan's senior vice president of commercial crude oil said in
a statement.

ICE's Permian WTI crude futures contract for September was
down about 3.5% and traded at $58.05 a barrel by 9:46 a.m. ET
(1346 GMT) on Wednesday, according to the website.
(Reporting by Devika Krishna Kumar in New York
Editing by Marguerita Choy)